Martinrea International Inc. Announces TSX Approval of Normal Course Issuer Bid
TORONTO, March 31, 2023 (GLOBE NEWSWIRE) -- Martinrea International Inc. (TSX: MRE) (“Martinrea” or the “Company”), today announced it has filed with the Toronto Stock Exchange (the “TSX”), and the TSX has accepted, a notice of intention of the Company to make a normal course issuer bid (the “NCIB”) permitting Martinrea to purchase for cancellation up to 5 million common shares (“Shares”) over a 12-month period, representing approximately 7% of the public float of the Company based on the Shares outstanding as of March 24, 2023.
The NCIB is expected to commence on or about April 4, 2023 and terminate on April 3, 2024, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX or alternative Canadian trading systems at the market price of the Shares at the time of acquisition and may include block purchases. The average daily trading volume of the Shares on the TSX for the last six months is 303,825 Shares. The maximum number of Shares that may be purchased on a daily basis, subject to any approved exceptions, will be 75,956 Shares. Shares purchased under the NCIB will be cancelled. During the last twelve months, the Company has not purchased any Shares under a normal course issuer bid through the facilities of the TSX.
The Company believes the Shares may, from time to time, trade in a price range that does not adequately reflect the value of the in relation to the Company’s activities and future prospects. As a result, the Company believes the purchase of Shares, from time to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
About Martinrea International Inc.
Martinrea International Inc. (TSX: MRE) is a leader in the development and production of quality metal parts, assemblies and modules, fluid management systems, and complex aluminum products focused primarily on the automotive sector. Martinrea currently operates in 58 locations in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain, China, South Africa, and Japan. Martinrea's vision is making lives better by being the best supplier we can be in the products we make and the services we provide. For more information on Martinrea, please visit www.martinrea.com. Follow Martinrea on Twitter and Facebook.
Cautionary Statement on Forward-Looking Information:
This Press Release and the documents incorporated by reference therein contains forward-looking statements within the meaning of applicable Canadian securities laws including statements related to the purchase of shares under the NCIB as well as other forward-looking statements. The words “continue”, “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “views”, “intend”, “believe”, “plan” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances, such as expected sales and industry production estimates, current foreign exchange rates, timing of product launches and operational improvement during the period, and current Board approved budgets. Many factors could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, some of which are discussed in detail in the Company’s Annual information Form for the year ended December 31, 2022, the Company’s MD&A for the year ended December 31, 2022 and other public filings which can be found at www.sedar.com.
For further information, please contact:
Rob Wildeboer, Executive Chairman
Martinrea International Inc.
3210 Langstaff Road
Vaughan ON L4K 5B2
Tel: 416-749-0314
Fax: 905-289-3001
